Germany's Consumers Saved The Country From Recession — By A Hair

Germany's second estimate of GDP was just released, confirming
the feeble 0.1% expansion of Europe's biggest economy in the
third quarter. But
the figures also come with more details, showing how
Germany's dismal investment position is dragging on growth.

Private consumption rose by 0.4%, and government spending grew
0.1%, but it's easy to see from this chart what held back the
economy:

German investment is now actually at a lower level than it was
five quarters ago, a pretty dismal sign for Europe's largest
economy. According to the IW Institute, an economics think tank,
German companies are
shying away from spending because of high energy prices and
labour costs. The country's nuclear moratorium has increased
Germany's reliance on more expensive renewable energy and coal,
and an incoming minimum wage hike is likely to raise bills for
pay in 2015.

Germany has also seen some
dire industrial figures in recent
months. Though the country is
still avoiding recession, if the rest of the eurozone slows or
falls into crisis again, it now seems unlikely that Europe's
biggest economy will be providing much of a positive
counterweight.